The shekel is mixed against the major currencies at the opening of foreign exchange trading this morning. After rising earlier, the shekel-dollar exchange rate is currently down very slightly, by 0.03% in comparison with Friday's representative rate, at NIS 3.8668/$, while the shekel-euro rate is down 0.7%, at NIS 4.3133/€.
FXCM Israel says in its market review this morning, "After four weeks of declines, the shekel-dollar pair opens the week with some upward momentum following the release of good employment figures in the US on Friday. These figures bolstered the dollar, which had been under pressure on world financial markets.
"The assessment remains valid, however, that the US Federal Reserve will raise its interest rate only at the end of the year, and so it is doubtful whether this positive indicator by itself will be enough to move the dollar substantially upwards.
"Looking at the dollar index graph, we see that the market is still in a process of correction of the sharp rise in the dollar from June 2014 to March 2015. This trend is likely to continue for several weeks, until we come closer to the planned date for the interest rate hike in the US."
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2015
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